Connect with us

News

Breaking: Access Bank acquires Diamond Bank

Published

on

Share for social good

Access Bank has finally acquired Diamond Bank.

According to insiders, the official announcement of the transaction will be made in the course of the week by the Central Bank of Nigeria (CBN).

The acquisition was midwifed by the CBN in a bid to further consolidate the banking industry, sources informed TheCable.

FIRS

A Diamond Bank official who spoke to TheCable said there was no need for the public to panic as “the bank is in safe hands”.

Last week, Diamond Bank announced its decision to drop its international operating licence to focus on national operations following capitalisation issues.

Uzoma Dozie, the bank’s chief executive officer, confirmed the development in a statement released on Friday.

“With this approval, the bank will cease to operate as an international bank,” Dozie had said.

“The re-licensing as a national bank supports Diamond Bank’s objective of streamlining its operations to focus resources on the significant opportunities in the Nigerian retail banking market, and the economy as a whole.

“The move follows Diamond Bank’s decision to sell its international operations, which included the disposal of its West African Subsidiary in 2017 and Diamond Bank UK, the sale of which is currently in its final stages.

“The change to national bank status also enables the bank to maintain a lower minimum capital requirement of 10 per cent, as against 15 per cent required for international banks.”

The bank recorded its worst month on record in November with share plunging to 0.61k per unit on November 30, 2018.

Diamond Bank Q3 2018 report had showed that the bank was under some financial stress with profit after tax falling from N3.9 billion in 2017 to N1.6 billion.

This impacted the bank’s earnings per share, which also dropped sharply from N17 in 2017 to N7 in 2018.

As at Wednesday, the bank had a share price of 0.95 per unit, and a market cap of N22 billion.

CBN’s N250 million fine

Apart from dealing with non-performing loans, the bank also had to contend with a fine from the Central Bank of Nigeria in August for allegedly aiding MTN Nigeria to illegally repatriate $8.1 billion.

“Your bank issued three CCIs in favour of Dantata Investment for the sum of $5million without converting the foreign exchange received into Naira as required by our regulations.  On the basis of these illegally issued CCIs, your bank repatriated the sum of $102,545,336.77 in respect of these CCIs,” CBN’s letter read.

Your bank failed to indemnify SCB for losses and/or liabilities that may arise from the use of the CCIs you transferred to SCB in violation of the provisions of the Foreign Exchange Manual 2006;

Your bank issued three CCIs outside the regulatory 24 hours without the approval of the CBN contrary to provisions of Memorandum 22 of the Foreign Exchange Manual 2006; and

Your bank illegally remitted the sum of $352,222,358.39 on behalf of Standard Chartered Bank and Stanbic IBTC Bank in respect of the various CCIs issued to MTN Nigeria Communications Limited.

Chairman, director make their exit

In October, Oluwaseyi Bickerseth, the bank’s chairman who was appointed in July, and three non-executive directors resigned.

“The directors are resigning for varied personal reasons, which will include focusing on their priorities. Diamond Bank will update the market with any further development in due course,” a notice signed by Uzoma Uja, the company secretary, read.

S&P downgrades bank’s rating

In November, S&P Global Ratings downgraded the bank’s rating to CCC+/C from ‘B-/B’ and its Nigeria national scale ratings to ‘ngBB-/ngB’ from ‘ngBBB-/ngA-3.

Giving its reason, the agency said the bank is “dependent on favourable business, financial, and economic conditions to meet its financial obligations”.

“We believe that Diamond Bank will have to set aside higher provisions than we initially expected, following the adoption of International Financial Reporting Standard No. 9 (IFRS 9), which implies weaker asset quality than we expected and exerts significant pressure on the bank’s capitalization,” it said.

 

Source:  TheCable


Share for social good
CLICK TO GET A WhoGoHost Hosting PLAN
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Abia State

2027: Prepare Your Will If You Plan to Write Election Results in Abia — Governor Alex Otti Warns

Published

on

Abia State Governor, Dr. Alex Otti, warns politicians planning to manipulate the 2027 elections to “write their wills” first, reaffirming his stance on transparency, governance, and development in Abia State.
Share for social good


Abia State Governor, Dr. Alex Otti, has cautioned individuals plotting to manipulate the 2027 governorship election results to first “write their wills” before embarking on such a dangerous mission.

Speaking during his monthly media chat in Umuahia, the governor emphasized that his statement was not a threat but a caution informed by intelligence reports suggesting that some displaced politicians are boasting about plans to “write” election results in 2027.

“This is not a threat but a warning. If you are planning to write election results in Abia, please write your will first,” Otti declared.

He dismissed remarks attributed to the Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Kalu, noting that power ultimately belongs to God.

FIRS

“I do not have the anointing to speak about what will happen in 2027 in 2025. But I know that power belongs to God, and He gives it to whom He wants. We should not speak when the Lord has not spoken,” he said.

Governor Otti advised Kalu to focus on his duties at the National Assembly, adding that there was no animosity between them despite the Deputy Speaker’s repeated public criticisms.

“My relationship with the Deputy Speaker didn’t start with politics. This is the second time he has publicly attacked my administration. I forgive him, but I think he suffers from what I call ‘Information Deficiency Syndrome.’”

He further clarified that according to the Protocol Act of 2000, the sixth position in Nigeria’s political hierarchy belongs to the Deputy Senate President, not the Deputy Speaker.

On Governance and Infrastructure

Governor Otti commended the Abia State Environmental Protection Agency (ASEPA) for its consistent efforts in maintaining a cleaner environment across Aba, Umuahia, and Ohafia.

“We are now moving to the next phase of waste management — recycling and turning waste into wealth,” he said, disclosing ongoing engagements with investors and institutions to actualize the plan.

The governor also announced progress in reviving key moribund industries, including Star Paper Mill, Aba Textile Mill, and Modern Ceramics, through collaborations with the Asset Management Corporation of Nigeria (AMCON) and other stakeholders.

“Government is an enabler. Our goal is to revive these industries, hand them to professionals to run as private entities, and create jobs for our people,” Otti stated.

Education and Health

Governor Otti reaffirmed his administration’s commitment to transforming the education sector, revealing that over 5,395 new teachers have been deployed across the state, with plans to recruit an additional 4,000 due to rising enrollment.

He also highlighted improvements in healthcare delivery, including the reconstruction of general hospitals and recruitment of over 774 healthcare professionals, with applicants coming even from other African countries.

“We are building a health system powered by renewable energy to ensure every community has access to quality healthcare,” he said.

Power and Infrastructure Expansion

Governor Otti announced the installation of nearly 8,000 solar-powered streetlights across the state and ongoing projects aimed at achieving steady electricity supply in Aba, Umuahia, Bende, and Ohafia.

“When Aba Power reaches its full capacity of 188 megawatts, excess power will be distributed to Umuahia and other parts of the state. Light brings development, and darkness disappears where there is light,” he said.

He disclosed that President Bola Tinubu’s representative, Senator Dave Umahi, recently commissioned eight newly completed roads in Abia, with more infrastructure projects including the 25km Umuahia–Ikot Ekpene Road and Ihechiowa Ring Road set to begin soon.

On Defection Rumours

Governor Otti debunked speculations about plans to defect to the All Progressives Congress (APC), stating that he remains committed to his principles.

You don’t take decisions simply because others are taking them. We are not people who follow the crowd,” he affirmed.

Follow BONA NAIJA for more


Share for social good
CLICK TO GET A WhoGoHost Hosting PLAN
Continue Reading

News

American Accuses Reno Omokri of Deception, Calls Him “Pathological Liar” as Omokri Dismisses Christian Genocide Claims

Published

on

American Accuses Reno Omokri of Deception, Calls Him Pathological Liar as Omokri Denies Christian Genocide in Nigeria
Share for social good

A former Texas Mayor, Mike Arnold, has accused former Nigerian presidential aide Reno Omokri of deception and manipulation, describing him as a “pathological liar” who thrives on calculated deceit.

In a viral post on X (formerly Twitter), Arnold said he had witnessed Omokri’s alleged dishonesty firsthand during personal and professional encounters both in the United States and Nigeria.

“The truth about Reno Omokri is sad. I’ve seen it up close. Reno doesn’t lie like most liars. He lies calm, cool, constant. Up close, he’s reptilian. Chilling. Soulless. Yet so charming,” Arnold wrote.

Arnold, who claimed to have hosted Omokri in Texas and attended his birthday safari in Kenya, accused the former presidential aide of falsifying events, exaggerating connections, and fabricating ownership of luxury assets.

FIRS

He recounted an incident where Omokri allegedly showcased luxury cars online, falsely claiming ownership of two vehicles belonging to Arnold’s friend.

Arnold also alleged that during a fact-finding mission to Nigeria on Christian persecution, Omokri promised high-level meetings with President Bola Tinubu, NSA Nuhu Ribadu, and the Sultan of Sokoto, none of which materialized.

“Looking back, those promises were props for his narrative for clout and manipulation,” he wrote.

Arnold further accused Omokri of misrepresenting him on Nigerian television, falsely introducing him as the current mayor of Blanco, Texas, and a close associate of U.S. Senator Ted Cruz.

“On live TV, he called me a Republican mayor—we don’t even have partisan municipal elections. He also said I’m a personal friend of Ted Cruz. False,” Arnold stated.

Quoting Psalm 101:7, Arnold said Omokri’s actions were “soulless” and “evil,” adding that “lying to cover up the Christian genocide raging in Nigeria is a bridge too far.”

“People must know Reno Omokri is a pathological, habitual, calculating, self-serving liar from someone who knows him personally so they won’t trust his sleazy attempts to bury the blood of tens of thousands of Nigerian martyrs with the manure spewing from his mouth,” Arnold wrote.

He also accused Omokri of harboring political ambitions, claiming that he plans to run for vice president under National Security Adviser Nuhu Ribadu.

Omokri, however, recently appeared on Arise News Night, dismissing reports of a Christian genocide in Nigeria as “ludicrous,” insisting that both Christians and Muslims are victims of insecurity across the country.

“Killings happen equally to Christians and Muslims,” Omokri said, urging Nigerians not to allow Western narratives to sow religious division.

The exchange has since sparked intense debate online, with many Nigerians weighing in on the authenticity of Arnold’s claims and Omokri’s controversial statements on religious persecution.

Follow BONA NAIJA for more


Share for social good
CLICK TO GET A WhoGoHost Hosting PLAN
Continue Reading

Biafra

BREAKING: Nnamdi Kanu’s Ailment Not Life-Threatening – Court Adopts NMA Findings

Published

on

nnamdu KANU
Share for social good

The Federal High Court in Abuja has adopted a medical report by a panel set up by the Nigerian Medical Association (NMA), which found that the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, is not suffering from any life-threatening ailment.

The NMA panel, constituted by the association’s president on the order of Justice James Omotosho, was tasked with determining Kanu’s actual health condition following conflicting claims from medical experts representing both the prosecution and the defence.

According to the report submitted to the court on October 13 by the prosecution team led by Adegboyega Awomolo (SAN), and partly read in open court on Thursday, the panel concluded that Kanu’s condition is not life-threatening and that he is fit to stand trial.

Justice Omotosho, citing the report and noting no objections from either side, ruled that the trial would proceed.

FIRS

The judge subsequently granted the defence six consecutive days — from October 23 to October 28 — to open and close its case.

Additionally, the court approved an oral application by defence counsel, Kanu Agabi (SAN), requesting that Kanu’s legal team be allowed to hold private consultations with him outside the Department of State Services (DSS) facility to ensure confidentiality.

Justice Omotosho ruled that the private meeting will take place in the courtroom between 9 a.m. and 12 noon on October 22, with only Kanu and his lawyers present.

The court further ordered that Kanu should continue receiving medical care at the DSS medical facility pending further proceedings.

One of Kanu’s lawyers, Aloy Ejimakor, confirmed the development after Thursday’s sitting.

Follow BONA NAIJA for more


Share for social good
CLICK TO GET A WhoGoHost Hosting PLAN
Continue Reading

News

Bayelsa Governor Douye Diri Resigns from PDP with 23 Assembly Members

Published

on

Share for social good

Bayelsa Governor Douye Diri Resigns from PDP with 23 Assembly Members

Bayelsa State Governor Douye Diri announced his resignation from the Peoples Democratic Party, PDP on Wednesday during a state executive council meeting in Yenagoa, accompanied by 23 members of the Bayelsa State House of Assembly, including Speaker Abraham Ngobere and Deputy Speaker Faithful Ebi.

His Chief Press Secretary, Daniel Alabrah, confirmed the move, attributing it to ‘obvious reasons’ without specifics, while Diri thanked PDP supporters and reaffirmed his dedication to Bayelsa’s progress.

FIRS

Today, I have formally resigned my membership from PDP for obvious reasons.” – Bayelsa State Governor, Douye Diri.

The defection ends the PDP’s control of the state since 1999 and hints at a potential shift to the All Progressives Congress before the 2027 elections.

Follow BONA NAIJA for more


Share for social good
CLICK TO GET A WhoGoHost Hosting PLAN
Continue Reading

News

Davido Announces 5IVE Alive Tour in Five Cities in Nigeria

Published

on

Share for social good

Nigerian Afrobeats star Davido has revealed the Nigerian dates for his 5IVE Alive Tour, linked to his fifth studio album released in April 2025, following a successful North American run.

The tour kicks off on October 26 in Uyo, Akwa Ibom, and includes stops in Yola, Enugu, Ibadan, culminating on December 25 in Lagos.

Tickets are now available starting at ₦5,000 for most venues, with fans urged to purchase quickly amid high demand.


Share for social good
CLICK TO GET A WhoGoHost Hosting PLAN
Continue Reading
Advertisement

CONNECT ON FACEBOOK

Trending